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Why Big Tech won't save small businesses from cyberattacks

Most businesses are perfectly aware that cyberattacks are on the rise, and have been for the past many years. Just in 2021, it was estimated that cyberattacks cost the global economy $6 trillion, with an average breach costing businesses $4.2 million in damages and missed business opportunities. 

That’s a heavy price to pay even for the largest corporations in the world, so naturally they invest a great deal of resources in cyber security. But cyber security is an notoriously expensive endeavour. While large corporations may have the capital to pay for this, the same cannot be said about smaller businesses who are equally at risk of cyberattacks.

This begs the question: how are small businesses supposed to defend themselves against this threat?

In an 2018 interview by Computerworld, Uniqkey was asked to discuss our unique passwordless security solution to this

The real reason why small businesses still lack basic cyber security

Today, most small companies fall short when it comes to securing themselves against cyber attacks. Some call it a prioritization issue. Others point to the high cost of implementation as a reason for the lack of data security in small businesses. But none of these two options might be the true problem.

According to CTO at EG, Henrik R. Møller, the major cyber security business in the world – the kind of business you would naturally expect to have the capabilities to cover the security needs of small-to-medium businesses – don’t see the financial upside to providing such services.

“The transactions are too small” Henrik explains “it simply doesn’t make financial sense for these large companies to take on this problem.”

While problematic for any small business looking for an affordable security solution to cover their pressing needs, it provides a huge opportunity for any cyber security business willing to (and capable of) stepping up to the task.

Back in 2017, CEO Hakan Yagci and CMO Simon Melander saw this gap in the market. Today, Uniqkey helps over 170 Danish companies, small and large, protect themselves against data breaches with a secure and convenient app-based password and access management solution.

To read why EG’s Henrik R. Møller is an advocate for businesses to adopt solutions like Uniqkey, go to the full interview here.

The interview is currently only available in Danish.

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